Euro slips to 1.40- line against Dollar

Monday, 16 May 2011 12:50

Eurozone decided that it will help Portugal with a bailout package, which will most likely be approved on Monday, after the eurozone finance ministers accept and agree with Finland's conditions.  Portugal's loan sums to a 78 billion euro price tag.  Interest rate on the 78 billion euro Portuguese debt which will be decided by the ministers, would be between 5.5% and 6.0%.

The decline in oil prices spiked the Dollar against most majot currencies in the past week.  Euro jitters due to Greece's and Portugal's debts and bailout plan discussions.  Against the U.S Dollar, the Euro declined to a nearly 7-week low of 1.4047; after opening this morning's session for the beginning of the week at 30 pips lower than firday's closing.

EUR/USD is currently trading with a slight correction at 1.4108.

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